01:40 PM EDT, 09/19/2024 (MT Newswires) -- Tech stocks were sharply higher Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 3.4% and the SPDR S&P Semiconductor ETF (XSD) spiking 4.9%.

The Philadelphia Semiconductor index jumped 5.4%.

In regulatory news, many of the major social media and video streaming companies have been surveilling consumers to monetize their personal information and have failed to protect users online, especially teens and children, the Federal Trade Commission said Thursday in a staff report.

In corporate news, the EU said Thursday it has launched two proceedings to compel Apple ( AAPL ) to open the operating systems on its iPhones and iPads to other technologies or risk the possibility of fines or periodic penalty payments. Apple ( AAPL ) shares were rising 3.8%.